30 results
- 13 May 2017
Nigeria Interbank Rate Jumps after CBN Liquidity Mop-Up
Nigeria's overnight interbank lending rate rose sharply to 29.5 percent on Friday, up from 19 percent last week, after the Central Bank of Nigeria (CBN) sold treasury bills to soak up liquidity from…
- 12 Feb 2018
CBN Pumps $210m into Interbank Forex
Central Bank of Nigeria (CBN) said on Monday it had injected $210 million into the interbank foreign exchange market, part of an effort to improve liquidity and alleviate the dollar shortages of the…
- 26 Mar 2012
Cashless Policy to Raise Interbank Processing to Over N2.4tr
Transaction processing for banks and other financial services is set to surpass $15 billion (2.4 trillion) this year, as the Central Bank of Nigeria (CBN) intensifies implementation of the cashless…
- 21 Jun 2016
Naira Crashes to N289/Dollar as CBN Offers $4Bn
The naira plunged by 31 per cent to 288.85 against the United States dollar on Monday at the close of trading at the newly established interbank market. The local currency also depreciated at the…
- 6 Feb 2017
CBN Sells N400Bn Bills to Mop up Money Market Liquidity
The Central Bank 0f Nigeria sold about N400 billion ($1.27 billion) of Treasury bills, lifting the interbank lending rate up to 12 percent, traders said. The bank sold 82 billion naira in 181-day…
- 2 Oct 2017
CBN Halts SMS Charges on Bulk Transfers
Money deposit banks can no longer take Short Message Service (SMS) charges on bulk bank transfers done through the Real Time Gross Settlement (RTGS). The RTGS is an interbank funds transfer system on…
- 24 Mar 2021
Telcos Reject Demand by Banks for SIM Swap List
Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), has asked telecommunication companies, to submit lists of SIM Swap customers to Nigeria Interbank Settlement System (NIBSS) for…
- 29 Oct 2019
Verve Card Now Accepted in Ghana
Verve, a leading payments technology and card business in Africa, has partnered with the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) to launch acceptance in Ghana. This initiative…
- 20 Mar 2019
NIBSS Extends POS Transaction Timeout to 45 Seconds
Nigerian Interbank Settlement System (NIBSS) has extended Point of Sale (POS) transactions timeout from 15 second to 45 seconds. Niyi Ajao, NIBSS acting managing director, who disclosed this…
- 1 Jan 2020
Banks instant payments hit 1.65m New Year’s Day
Bank customers carried out over 1.65 million transactions on Nigeria Interbank Settlement System (NIBSS) Instant Pay platform on New Year’s Day. Live updates provided by the NIBSS stated that as of…
- 16 Sept 2016
Central Banks Form Task Force on Payments Fraud
A committee of the world's major central banks said on Friday it has launched a task force to examine cyber security in cross-border banking and to ensure interbank payments are protected. "Recent…
- 18 Aug 2013
CSCS Deploys SWIFT to Facilitate Market Transactions
Central Securities Clearing System (CSCS) Plc has adopted the Society for Worldwide Interbank Financial Telecommunication (SWIFT) messaging system to enhance transactions in the market. SWIFT…
- 27 May 2018
Verve, GhIPSS Partner to Ensure Wider Acceptance of EMV Cards in Ghana
Verve International, Africa largest Pan-African payment brand, has announced its partnership with Ghana’s Interbank Payment and Settlement Systems Limited (GhIPSS) in a bid to ensure wider acceptance…
- 28 Oct 2019
Angst as CBN, NIBSS Slam N50 Charge on PoS Transactions
Central Bank of Nigeria (CBN) and the Nigeria Interbank Settlement System (NIBSS) may have begun charging N50 for Point of Terminal (PoS) transactions with some angry Nigerians questioning the…
- 8 Aug 2019
NIBSS Says There are 38m Bank Accounts in Nigeria
The number of bank accounts in Nigeria has hit 36 million, as Bank Verification Number (BVN) enrolment in the country increased to 38,696,142, according to figure released by the Nigeria Interbank…
- 1 Jul 2019
FG Launches New Tax ID, Widens Dragnet
Federal Government has directed the Central Bank of Nigeria (CBN), Nigeria InterBank Settlement System (NIBBS), the National Identity Management Commission (NIMC), to cooperate with the Joint Tax…
- 3 Jul 2020
Banks Open 35m Accounts in 5 Months Despite COVID-19
Bank accounts in Nigeria have risen by 35 million between January to May 30th, 2020, data hosted on the website of the Nigeria interbank Settlement system (NIBBS) has revealed. A breakdown of the…
- 17 Apr 2014
NIBSS Offers Cash Back Reward to Increase Use of PoS
Nigeria Interbank Settlement System (NIBSS) is offering electronic cardholders in the country cash back of 50 kobo for every N100 spent in the use of e-payment cards to pay for goods and services on…
- 26 Feb 2015
Wincor Nixdorf Pilots New Cashless Payment Solution
The German Banking Industry Committee has approved a hardware and software solution from Wincor Nixdorf for the processing of cashless payments on Germany's girocard interbank network. The solution…
- 3 Jan 2013
NIBSS Processes 2m Transactions in November
Nigerian Interbank Settlement Systems (NIBSS) recorded over 2 million successful Point of Sale (PoS) transactions valued at N38.6 billion for the year ended November 2012. NIBSS was in November 15,…
- 26 Mar 2014
NIBSS, Banks Collaborate on PoS Advocacy
THE Nigeria Interbank Settlement Scheme (NIBSS) and deposit money banks have urged Nigerians to embrace e-payment platforms as the best option for payments of business transactions. The appeal, which…
- 2 Mar 2015
FIRS, NIBSS, Systemspecs Sensitise Taxpayers on eFiling
Federal Inland Revenue Service (FIRS), the Nigerian Interbank Settlement System (NIBSS) and Systemspecs Limited, have jointly organised a stakeholders' forum as part of efforts to create awareness on…
- 16 Sept 2015
TSA: Banks to Lose $10Bn as Transfers Stall Money Market
Banks in the country made no bids on the interbank money market on Tuesday as they awaited instructions on how to comply with a directive to transfer government revenues into a s Treasury Single…
- 24 Aug 2015
New Gateway Allows Ghanaians pay Online with ATM Cards
Ghana Interbank Payment and Settlements Systems has introduced gh-link e-Commerce, an Internet payment gateway that allows Ghanaians to use their local bank ATM cards for online purchases.…
- 20 May 2015
Cameroonian Firm, GIMAC Visits CWG Facility
Mr. Valentin Mbozo’o, managing director of Cameroon’s interbank agency, “Groupement Interbancaire Monétique de l'Afrique Centrale (GIMAC), led a delegation of the agency on a working visit to the…
- 20 Jan 2015
Naira Gains 2.3% as Banks, Energy Firm Sell Forex
The Naira recovered from a record intraday low on Monday after two commercial lenders and an energy company sold dollars on the interbank market ahead of a central bank interest rate meeting, dealers…
- 25 Oct 2015
5 Days BVN Deadline, Banks Enrol 21m Customers
Nigeria Interbank Settlement System (NIBSS) said that about 21 million bank customers have enrolled for the Biometric Verification Number (BVN), five days to the October 31st deadline for…
- 7 Jan 2017
Shortage of ATMs Hobbles Nigeria's Cash-less Initiative - NIBSS
Nigeria remains more than 40,000 short of the number of ATM installations needed to serve its 180 million citizens, but has "come a long way," according to a spokeswoman from the Nigerian Interbank…
- 13 Apr 2017
SWIFT Introduces Tool to Spot Fraudulent Messages
Interbank messaging service SWIFT, which is used to transfer trillions of dollars between banks every day, will launch a new tool to spot fraudulent messages, seeking to restore trust in the system…
- 5 Nov 2020
Banks’ Borrowings from CBN Drops by 93%
Deposit Money Banks’ reliance on the loans from the Central Bank of Nigeria (CBN) fell sharply by 93 percent in August, driven by surge in idle cash (excess liquidity) in the interbank money market.…